VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Julius Baer Gruppe AG vs TMX Group Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Julius Baer Gruppe AG

BAER · SIX Swiss Exchange

Market cap (USD)$13.3B
Gross margin (TTM)51.6%
Operating margin (TTM)15%
Net margin (TTM)12.7%
SectorFinancials
IndustryAsset Management
CountryCH
Data as of2025-12-30
Moat score
59/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Julius Baer Gruppe AG's moat claims, evidence, and risks.

View BAER analysis

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
Moat score
70/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: TMX Group Limited leads (70 / 100 vs 59 / 100 for Julius Baer Gruppe AG).
  • Segment focus: Julius Baer Gruppe AG has 1 segment (100% in Wealth Management (Private Banking)); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Julius Baer Gruppe AG has 5 moat types across 4 domains; TMX Group Limited has 12 across 5.

Primary market context

Julius Baer Gruppe AG

Wealth Management (Private Banking)

Market

Private banking and wealth management services

Geography

Global (focus: Switzerland, Europe, Asia)

Customer

High-net-worth and ultra-high-net-worth individuals

Role

Wealth manager / private bank (advisory + discretionary mandates)

Revenue share

100%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Julius Baer Gruppe AG
TMX Group Limited
Ticker / Exchange
BAER - SIX Swiss Exchange
X - Toronto Stock Exchange
Market cap (USD)
$13.3B
$14.4B
Gross margin (TTM)
51.6%
59.3%
Operating margin (TTM)
15%
38.7%
Net margin (TTM)
12.7%
23.8%
Sector
Financials
Financials
Industry
Asset Management
Financial - Data & Stock Exchanges
HQ country
CH
CA
Primary segment
Wealth Management (Private Banking)
Trayport energy trading workflow software and network
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
70 / 100
Moat domains
Demand, Supply, Legal, Financial
Legal, Network, Demand, Supply, Financial
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

Brand TrustSwitching Costs GeneralCompliance Advantage

Julius Baer Gruppe AG strengths

Service Field NetworkCost Of Capital Advantage

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubDistribution ControlData Workflow LockinBenchmark Pricing Power

Segment mix

Julius Baer Gruppe AG segments

Full profile >

Wealth Management (Private Banking)

Competitive

100%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.